Oceania Glass has collapsed into administration, less than a year after dumping complaint

Australia’s only maker of architectural glass, Oceania Glass, has been placed in administration with 260 jobs on the line less than a year after warning China was dumping cheap products here.

Architectural glass is a feature of many modern homes.

Australia’s largest glass maker and only maker of architectural glass, Oceania Glass, has been placed in administration less than a year after successfully arguing China and Thailand were dumping cheap glass into the Australian market.

Grant Thornton’s Lisa Gibb, Said Jahani and Matt Byrnes have been installed as administrators of the Dandenong-based company and will continue to run it while they assess the state of the business.

A current debt position has not been released by the administrators, however the company’s most recent annual report, for the year ended March 31, 2024, indicates at that time it had borrowings of $48.7m and overall liabilities of $118.8.m.

The company turned over $181.7m in that financial year, down from $207.9m, and employed 259 people.

Oceania lost $1.2m in that year, compared with a profit of $6.3m the previous year.

The company is owned by private equity investors Crescent Capital Partners.

Oceania specialises in float glass, coated glass and laminated glass, and has distribution centres across Australia.

The administrators said they planned to conduct an accelerated sale process for the business.

“We understand the role the company plays in the Australian construction sector,’’ the administrators said on Tuesday.

“In continuing to trade the business with a view to a going concern sale, we will work to mitigate the potential disruption to customers and the broader sector.

“If an appropriate buyer cannot be found during the voluntary administration period and the administrators are faced with the difficult decision to shut down the business, we believe this period will allow customers to make alternative sourcing arrangements and significantly reduce disruption to the broader construction industry.

“We appreciate this is an extremely difficult time for employees of the company and their families, and we will provide them with as much transparency as possible during the voluntary administration process.”

Last year the company successfully argued that Chinese and Thai competitors were dumping glass products into the Australian market at subsidised prices, with the Anti-Dumping Commission initiating an investigation “to determine whether dumping duty notices and a countervailing duty notice should be published’’.

Oceania Glass was founded in 1856 and claims to be the only architectural glass manufacturer in Australia.

“Our glass is featured in many of Australia’s most iconic buildings, including the Australian Parliament House,’’ the company’s website says.

Oceania Glass a large energy user and one of the 200 or so companies in Australia captured by the Safeguard Mechanism which mandates targets for emissions reductions from these firms out to 2030.

A creditors’ meeting will be held on February 14.

Originally published as Oceania Glass has collapsed into administration, less than a year after dumping complaint